HAR §16-38-27. Limitation on expenses

All expenses of the issues with regard to the securities registered under this subchapter, including but not limited to expenses relating to sales, management fees, acquisition of real or personal property, entertainment, commissions, salaries, and cost of preparation of the offer, shall be reasonable considering the proposed use of the funds raised, the amount to be raised, the type of security being issued, and the relative risk of the investment. [Eff and comp 10/12/85; comp 4/14/03] (Auth: HRS §485-2) (Imp: HRS §§485-2, 485-6)